Range Resources Corp., Fort Worth, has cut its 2020 all-in capital budget to $430 million from $520 million.
Previously, with its fourth-quarter 2019 results reported Feb. 27, the company earmarked $490 million of the original $520 million budget for drilling and recompletions and $30 million for leasehold and other capital expenditures. At the time, the company expected to turn to sales 72 Marcellus wells during the year with an expected average lateral length of 11,200 ft.
Updated operational details were not provided with the Mar. 31 press statement, but the company said it expects to maintain production of 2.3 bcfe/d for 2020.
“Having met our firm transportation commitments in the Marcellus, we have flexibility in our development program, as evidenced by the 40% reduction in 2020 capital spending compared to last year,” stated Jeff Ventura, chief executive officer.